BoE calls for crypto regulation as 'matter of urgency'

She continued: "Now, this nervousness about how financially vulnerable younger investors are being targeted by influencers has widened to an anxiety that the crypto wild west could undermine the stability of the financial system.

"There has been a hesitancy until now to bring crypto currencies into the regulatory sphere because of the risk it will add more legitimacy to the currencies."

The Basel Committee on Banking Supervision is considering making banks and other regulated financial institutions which choose to dabble in crypto put aside enough capital to cover 100 per cent of potential losses. Streeter said there appeared to be "increasing backing" of these recommendations, which she dubbed particularly "influential".